ADVICE NEEDED: Deferred MBA Program
I was recently admitted to the MBA program of my undergraduate institute (Booth/Columbia/MIT) with the option to matriculate in 2-5 years. I am set to start w/ the M&A team of my EB/BB in a few weeks.
Looking at alumni from my college who went into IB, almost none of them returned to get their MBA from the same institute (most of them went H/S/W). Assuming I break into PE in a few years, will my post-MBA PE opportunities be significantly limited if I attend Booth/Columbia/MIT? I really like the city my college is in, and want to live there long-term. I also don't want to go through the application process (rec letters, essays, etc.) again.
What percent of PE opportunities would I be eliminating for myself If I don't attend H/S/W?
No way to really quantify that. If you’re sharp, work hard, and get a good PE gig post-banking, you’ll be able to find a spot post-mba in PE. Will it be Bain or Carlyle? Probably not. But there are tons of firms out there
However... if I were you, I’d be very hesitant to lock in a spot at your school right now when it seems like you’d have a shot at H/S/W 4 years from now.
Can't hurt to lock down this M7 spot and then re-apply for H/S/W in a few years. You're not tied to this program, and having this optionality is probably worth the $1000 deposit, or whatever it is for your school.
There are plenty of PE associates who think they're a shoe-in for H/S/W, and don't end up even landing an M7 program, so it definitely makes sense to walk into the next 2-4 years of your career with that option in your back pocket.
Have you seen many cases of MM/UMM PE associates not being able to get into a M7 program? This is new to me, I would think an applicant with that background is a shoe-in unless they completely neglect their essays/test scores.
I've seen PE associates strike out at the M7. Usually it is because they have below average GMAT (such as low 700s) combined with relatively undifferentiated profiles. I think the odds are in your favor with such a strong undergraduate institution, plus banking (and presumably PE), but it isn't a 100% guarantee. I'm not 100% sure about how it works, but is the only cost to hold your spot a $1,000 deposit? Seems like a relatively small cost for a backup plan. As others have mentioned, you can decide later if you want to go through the application process for a shot at H/S/W.
To your original question -- while opportunities are indeed stronger at H/S (and to a lesser extent Wharton), a big factor is where you did your banking / PE prior to your MBA. If you end up at a respectable PE shop, a lot of firms should be willing to at least have an initial conversation with you even if you don't go to H/S/W. This is definitely the case if the PE firm is in the same city as your MBA program, which it sounds like it is.
Illustrative Example: You work at Morgan Stanley for two years and then take a job at Warburg Pincus. Rather than go to HBS, you end up going to Booth. You want to stay in Chicago long term, so you reach out to GTCR. They are going to take your call 100% of the time, regardless of the fact that you didn't go to HBS.
Pay the deposit to hold your spot (this is yearly i believe), decide in a few years if you need/want to go to B-school. If you want to go to B-school apply again to HSW or not.
H/S may open opportunities that the others don't, W less so. If you are confident you can get into H/S, it's worth it to try.
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